Addition of unexplained credits justified if assessee fails to explain credit appeared in books with necessary evidence

ACIT Vs S. Mohan Kumar (ITAT Chennai) Conclusion: Assessee failed to file necessary evidence to establish credits appearing in the names of above two persons in the books of account of the assessee as genuine transactions, therefore, addition of unexplained credits  was rightly justified. Held: AO made additions towards credits on the ground that the assessee could not file any evidence to explain the credits. AO had considered the issue in light of statement recorded from the assessee, Mr. S & Mr. K during the course of search and on the basis of their statements opined that both did not...